Sixty-four percent of respondents say they’re more worried about financial depletion than dying, according to Allianz Life’s 2025 "Annual Retirement Study," with Gen Xers (70%) and millennials (66%) expressing the most concern. High inflation (54%), uncertainty about Social Security (43%), and taxes (43%) are the leading contributors to this anxiety.

Despite widespread concern, most Americans aren’t saving as much as they’d like for retirement. Everyday expenses (63%), credit card debt (40%), and housing costs (35%) are the biggest barriers. When asked how they plan to address their concern, respondents pointed to increasing retirement savings (44%), cutting current spending (41%), and delaying retirement (39%) as the most helpful strategies.



Conversations with financial professionals remain limited. Only 23% of Americans have discussed this concern with an adviser, down from 28% in 2024.

62%

OF AMERICANS SAY THEY ARE NOT SAVING AS MUCH FOR RETIREMENT AS THEY WOULD LIKE.

SOURCE: ALLIANZ LIFE